Avalon Park Retail Market Analysis

1. Avalon Park Retail Market Analysis Fishkind and Associates, Inc. 12051 Corporate Blvd. Orlando, FL 32817 407-382-3256 www.fishkind.com December 12, 2008

2. Site Location • As the map shows, the Site is located in southeast Orange County; east of Hwy. 417, north of Hwy. 528, and south of SR 50. Fishkind and Associates, Inc.

3. Trade Area Methodology • The Consultant created two distinct trade areas surrounding the Site. • A 10-minute drive-time trade area was created to estimate the demand for neighborhood serving square footage at the site. • A 20-minute drive-time trade area was created to estimate the demand for community serving square footage at the site. Fishkind and Associates, Inc.

4. 10-Minute Drive-Time Trade Area • The map shows the 10-Minute Drive-Time Trade Area. Fishkind and Associates, Inc.

5. 20-Minute Drive-Time Trade Area • The map shows the 20-Minute Drive-Time Trade Area. Fishkind and Associates, Inc.

6. Neighborhood Demand • The map shows all vacant parcels within the 10-Minute Drive-Time Trade Area Fishkind and Associates, Inc.

7. Community Demand • The map shows all vacant parcels within the 20-Minute Drive-Time Trade Area, as indicated by the Orange County Property Appraiser. Fishkind and Associates, Inc.

8. Demand Summary Fishkind and Associates, Inc.

9. Neighborhood Supply • The Consultant identified sixty-five (65) neighborhood serving centers or stand-alone businesses within a 20-minute drive-time of the Site. • The centers/businesses contain 1.1 million square feet of neighborhood serving space. • Due to the varying distances of the centers/businesses from the Site, the volume of competing neighborhood serving retail space is approximately 402k square feet. Fishkind and Associates, Inc.

10. Neighborhood Supply • The map shows the locations of the sixty-five (65) competing neighborhood centers. Fishkind and Associates, Inc.

11. Neighborhood Summary Fishkind and Associates, Inc.

12. Community Supply • The Consultant identified ninety (90) community serving centers within a 40-minute drive-time of the Site. • The centers contain 14 million square feet of community serving space. • Due to the varying distances of the centers from the Site, the volume of competing community serving retail space is approximately 1.2 million square feet. Fishkind and Associates, Inc.

13. Community Supply • The map shows the locations of the ninety (90) competing community centers. Fishkind and Associates, Inc.

14. Community Summary Fishkind and Associates, Inc.

15. Existing Retail Conditions • Currently, the Consultant estimates that there is an excess supply of 505,134 square feet of neighborhood and community serving retail space in the market. • However, by 2020, the Consultant projects that the market could support an additional 289,873 square feet of neighborhood and community serving retail space. Fishkind and Associates, Inc.

16. Projected Commercial Capacity • The map shows the locations of the vacant commercial parcels within the 20-Minute Trade Area as indicated in the Orange County FLUM. Fishkind and Associates, Inc.

17. Conclusions • The analysis shows the relevant market surrounding the Site reaching build-out in 2020. • At that time, the market will contain 97,575 households who will be generating demand for 1.89 million square feet of neighborhood and community serving retail space at the Site. • The existing supply of neighborhood and community serving retail space totals 1.60 million square feet. Fishkind and Associates, Inc.

18. Conclusions • Between 2008 and 2020 there will be need for an additional 289k square feet of neighborhood and community serving retail space to meet the projected levels of demand. • The market currently contains capacity for an additional 569,371 square feet of neighborhood and community serving retail space. • Based on these projections, there is currently a surplus of available retail supply (both existing supply and future capacity) in the market to meet the projected market demand. Fishkind and Associates, Inc.